Global Infrastructure SherpaRelease by Scatec raises USD 102 million in funding from Climate Fund Managers to accelerate growth ambitions
USD102M
Deal Value
Scatec secured $102 million from Climate Fund Managers to fund its global renewable energy project pipeline. This capital will accelerate development and construction of solar, wind, and hydro assets, primarily in.
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Counterparts (4)
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Climate Fund Managers is taking a 32% equity stake in Release by Scatec, investing $55 million as part of a larger $102 million financing package. This capital infusion, which also includes $47 million in shareholder loans, is earmarked to accelerate Release's expansion, particularly into the African utilities and mining sectors. CFM, known for financing renewable energy in developing countries, is backing Release's flexible leasing model for modular solar and battery equipment. Scatec ASA will maintain a 68% majority share, supporting their subsidiary's growth beyond its current 47 MW portfolio across markets like Cameroon, South Africa, and South Sudan, with new contracts already secured in Chad.
- $102M funding includes $55M equity for a 32% CFM stake.
- Growth specifically targets African utilities and mining markets.
- Release's current portfolio: 47 MW solar PV, 20 MWh battery across four countries.
- Additional 35 MW solar PV and 20 MWh storage already contracted in Chad.
Timeline
Announced
Jul 19, 2023
Signed
Closed
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